AB Espresso: Palm Jumeirah villa rents surge 63%

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Stay informed with the latest updates from Arabian Business, where our dedicated editorial team brings you a diverse range of stories. From real estate to weather and more, here's what you missed on Monday:

UAE banks and insurance companies have been told to offer customers payment deferrals of up to six months without additional costs as they deal with the impact of severe rain in the country. The Central Bank of the UAE has issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the repercussions of the weather condition for a period of six months.

In addition, as Dubai Metro services continue to feel the impact of major travel disruption caused by heavy rainfall in the UAE, passengers have been urged to avoid travel during peak hours. The Roads and Transport Authority (RTA) has been publishing regular updates on Dubai Metro services as more stations reopen and return to normal operations.

Meanwhile, Uber has announced the launch of accounts for teenagers in the UAE, Saudi Arabia, Qatar, and Jordan. The new feature allows parents to set up Uber accounts for their teens aged between 13 and 17 years old in an effort to help families with busy schedules to keep their children safe.

On the real estate front, villas and townhouses in Dubai’s Palm Jumeirah neighbourhood recorded the highest rent price increase at 63 percent this quarter compared to the corresponding period in 2023, a new report revealed. The Espace Real Estate Q1 2024 Market Report showed that rent prices for villas and townhouses in Palm Jumeirah rose from an average of AED 656,114 in Q1 2023 to around AED 1.07 million in Q1 2024. This exceptional surge highlights the enduring appeal and premium status of this iconic community.

Moreover, Britain’s iconic luxury car brand Aston Martin has unveiled its first real estate development in the Gulf region through a new partnership with London-listed international property firm Dar Global. The collaboration will see Aston Martin’s design team craft the interiors for an exclusive waterfront residential project located on Al Marjan Island in Ras Al Khaimah.

THE LONGER READ:

With an “influx in claims” expected by insurers in the coming days, the impacts of this week’s adverse weather will likely be felt by the UAE insurance market for some time

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